FINRA fined and suspended former Cetera Advisors (Tucson, Arizona) broker Todd Ray Anderson for recommending a senior customer purchase over $1 million in mutual funds across 31 different fund "families" without considering discounts that would have been available to the customer by investing in fewer, or the same fund families. FINRA's investigators found Anderson's customer incurred over $20,000 in unnecessary and excessive sales charges as result of the unsuitable recommendations.
BrokerCheck records (CRD #1896352) indicate that Cetera Advisors terminated Todd Anderson for failing to obtain pre-approval for mutual fund purchases, as the firm had instructed in writing. Additionally, Anderson purportedly failed to follow Cetera's procedure requiring pre-approval of outside business activities. Finally, Cetera Advisors terminated Anderson upon receiving a customer allegation that Anderson executed an unauthorized trade.
A dispute accusing Anderson of unsuitable investment recommendations settled for $31,500 in 2020. Anderson's file also lists several tax liens and judgments.
Since his termination from Cetera Advisors, Anderson joined Benchmark Investments and Kingswood Wealth Advisors, both of Tucson. Anderson also runs the Anderson Financial Group.
If you invested with former Cetera Advisors broker Todd Ray Anderson or with any broker or investment adviser who unsuitably recommended investments that have resulted in financial harm or losses, such as excessive sales charges, commissions, or other fees, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.